Arweave is a platform that seeks to preserve files permanently across a distributed network of computers. What distinguishes it from its competitors is its commitment to ensuring data permanence, using exclusive incentives linked to its cryptocurrency, AR.
In technical analysis, we identify on the daily chart (1D) the formation of an ascending triangle, a pattern with a high probability of an upward breakout. We are currently close to the base of this triangle, indicating that it is a suitable point for purchase and support for buyers.
This is not the only positive aspect associated with this pattern. On the weekly chart (1W), we observe the configuration of an equilibrium pattern (price tapering). This pattern acts like a spring, accumulating energy as it is compressed. When this accumulated energy is released, a significant expansion occurs, potentially indicating a bullish explosion in the assets that form these patterns.
Another crucial aspect to highlight is our proximity to Altseason, a period in which altcoins demonstrate superior performance than Bitcoin. This trend can be identified on the Weekly (1W) chart of BTC Market Dominance (BTC.D), where a rising wedge is forming. This chart pattern has a higher probability of breaking downwards, signaling the possible start of Altseason. This dynamic justifies the price accumulation in the AR cryptocurrency at the moment.
It is important to highlight that this does not constitute an investment recommendation.
